United Capital raises N10bn Series 1 bond

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United Capital Plc has raised N10 billion in its Series 1 Bond issuance under a N50 billion Medium-Term Debt Programme registered with the Securities and Exchange Commission (SEC).

The capital raise places the company as the first issuing house to issue a corporate bond in the history of the Nigerian capital market.

The company’s Group CEO, Peter Ashade, explained that the initiative would strengthen the company’s drive in the investment banking terrain.

He said: “With an oversubscription of 24 per cent investor, we believe this milestone accentuates the confidence in our institution, and its ability to diversify our corporate funding sources, provide innovative financial solutions and our unwavering commitment to our esteemed clients.”

The transaction, having a tenor of five years, scored a 124 per cent subscription “with huge commitments from a diversified institutional investors’ base, including Pension Fund Administrators (PFAs) and other players in the financial service space.”

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